Ecuador Needs Judgment To Seize Bankers' Assets

Law360, Miami (June 3, 2013, 8:00 PM EDT) -- A Florida state judge on Friday dismissed a suit by the Republic of Ecuador seeking to collect U.S. assets of two banker brothers accused of embezzling hundreds of millions of dollars from Filanbanco SA, ruling that without a judgment against them, seizure of assets was against U.S. law.

Judge John W. Thornton granted summary judgment in favor of Roberto Isaias Dassum and William Isaias Dassum, who together were the principal administrators and shareholders of what used to be the largest bank in Ecuador.